Casap, a financial AI startup built around fraud prevention, has raised $56 million in a Series B round led by Base10 Partners, pushing its total funding to $90 million since launching in 2023. The round brought in Synchrony and Experian as new strategic investors, alongside continued backing from existing investors Lightspeed Venture Partners, Emergence and Primary.
The company, co-founded by chief executive Shanthi Shanmugam and Saisi Peter, a former Chime employee, builds AI tools that help banks and card companies manage disputes and chargebacks. Its specific focus is first-party fraud, cases where the cardholder themselves files a false claim, a category that has become one of the more stubborn problems in payments because it’s genuinely difficult to distinguish from legitimate disputes without deep case-by-case analysis.
Casap’s pitch rests on speed and accuracy. The company says customers using its platform have seen fraud losses drop by 51% and achieved chargeback win rates of 96%, well above the roughly 60% industry average. Shanmugam has said the system cuts dispute resolution time from around 90 days down to about eight, with human reviewers spending just one to two minutes per case rather than the hours that manual review often requires.
That efficiency gain is the core of the investor pitch: banks and card issuers lose meaningful money both to actual fraud and to the slow, labor-intensive process of adjudicating disputes, and a tool that compresses both the timeline and the error rate has a clear path to paying for itself. The participation of Synchrony and Experian, both of which sit deep inside the infrastructure of consumer credit and payments, suggests the industry sees that case as credible rather than theoretical.
Casap isn't planning to stop at fraud and chargebacks. The company has said it intends to expand into customer complaints and collections, applying the same AI-driven case-review approach to other high-volume, dispute-heavy corners of financial services where speed and accuracy carry similarly outsized value.
With $90 million in total funding and strategic backing from two major players in consumer credit, Casap is positioning itself less as a point solution for chargebacks and more as a broader AI layer for how financial institutions handle disputed claims across the board.
